PUBLIC ADVISORY TO PERSONS BUYING INSURANCE COVERAGE THROUGH COMMERCIAL BANKS AND OTHER FINANCIAL INSTITUTIONS THAT ARE ACTING AS INSURANCE AGENT FOR INSURANCE COMPANIES
As the Regulatory Authority responsible for the Supervision and Regulation of non-bank financial institutions, including Insurance Companies and Insurance Intermediaries, operating in St. Vincent and the Grenadines, we hereby notify the General Public that Insurance coverage offered through Banks and other financial institutions acting as Insurance Agents is not tied to the products or services offered. As such, customers are not obligated to buy Insurance coverage through such institutions.
In instances where insurance coverage is required for a particular product or service offered by the bank and other financial institutions, the customer has the right to select any insurance carrier of choice and these institutions are required to properly inform their customers of such rights. It is also recommended that such disclosure be provided in writing and formal acknowledgement and signature of the customer be kept on record, particularly in instances where the customer agrees to purchase the insurance through the institution.
The Financial Services Authority (FSA) further advises the public to report any behaviour on the part of these institutions that may be in breach of this requirement.
Financial Services Authority
P.O. Box 356
Kingstown, St. Vincent & the Grenadines
Tel (784) 456-2577